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10 Easy Ways To Achieve Financial Health As An Equestrian In 2024

Genie Officer, Equestrian Money Coach At Spur Your Savings
Genie Officer, Equestrian Money Coach At Spur Your Savings

At The Investing Equestrian and Spur Your Savings, we understand that as equestrians, our attention is often devoted to ensuring the best for our horses and working on upleveling our skills in the saddle. However, it's important not to overlook the equally crucial task of managing your financial health. As we dive into the new year, it's time to take charge of your financial well-being so that you can fully enjoy your time at the barn without the added burden of financial stress. Use these ten simple strategies to help you take charge of your financial health in 2024.


1. Track and Audit Your Spending: 

It's time to take the reins on your financial life by creating and sticking to a realistic budget. Keep track of your expenses by gathering all your financial documents such as bank statements and receipts, and then categorize your spending (like groceries, horse spending, transportation, housing and random expenses etc). Calculate what you're spending in each category and compare this with your anticipated budget. Look for patterns in your spending habits to identify areas where you might be overspending or where you could save. Adjust your budget based on what you find, setting realistic limits on each spending category. Regularly check your spending against your budget and adjust as needed to stay on track. You can either track this through an app, a spreadsheet or a plain notebook. 



2.  Switch to Free/No Fee Checking and Savings Account: 

With just an hour of your time, this seemingly small step can save you hundreds a year. The average person can save an easy $200 per year by making this simple change.. so why let banks nibble away at your savings with fees when there are numerous free options available?


3.  Start Building a $1000 Emergency Fund: 

Accidents and unexpected expenses happen both in your household and equestrian life. Creating an emergency fund is one of the most important steps in creating a solid financial base. Start with a $1000 savings goal, and gradually increase your emergency fund to cover 3-6 months of essential expenses (including unexpected horse care bills). A great place to keep this fund is in a free high yield savings account, ensuring your money grows while providing a safety net.


4.  Prioritize Paying Off High Interest Debt: 

High interest debt can hold you back from achieving your financial goals because of how quickly it can compound and accumulate. It’s important to make high interest debt payoff a financial priority, before making other financial goals happen. If credit card debt is cinching you down, consider switching to a debit card until you have paid off all your high interest debt, and feel more confident with your spending habits.



5.  Reduce Expenses in Non-valued Categories: 

Not every expense brings you an equal amount of joy or fulfillment, so by identifying and trimming back on these areas, you can free up a considerable amount. The biggest culprits are typically housing, transportation, and food. Let's prioritize what we value most and switch to lower cost options in the areas that we simply don’t value as much, to create a healthier equestrian spending budget.


6.  Stop using buy now pay later: 

Using buy now, pay later platforms can be a slippery slope as they often encourage spending without considering long-term financial impacts. With their easy accessibility and deferred payment options, they can lead to overspending, and when continuously kicking the can down the road this can lead to debt accumulating quickly. 


7.  Buy Horse Items Used or Off-season: 

Like getting winter blankets in the summer and fly sheets in the winter. Selling or consigning old or unused equipment can also add to your savings... Why not make a simple challenge for yourself, to sell $200 of unused equipment this month to add to your savings?


8.  Plan Your Show Season and Lessons in Advance: 

Planning ahead is an effective strategy that can help you save money and avoid last-minute stress. By deciding which shows to prioritize and setting goals for the number of lessons you want to take, you can budget ahead of time for these expenses. This ensures that you'll still feel financially secure and be able to cover your other bills and emergencies. Remember, it's important to be proactive and plan ahead to maximize the fun without worrying about affordability.


9.  Setting S.M.A.R.T. goals: 

By making your goals Specific, Measurable, Achievable, Relevant, and Time-bound (S.M.A.R.T.), you create a roadmap for success. This approach helps you focus on what you want to achieve, measure your progress, ensure your goals are realistic and relevant to your financial situation, and set deadlines to stay accountable. Ultimately, setting S.M.A.R.T. goals increase your chances of achieving your goals. Pro tip: plan a mini celebration each time you achieve a financial goal. 


10. Collaborate With Professionals: 

Just as a trainer helps you improve your equitation and horsemanship; a financial advisor and money coach can guide you towards financial fitness. Their expertise can keep your finances on track and accelerate your progress.They can help you develop healthy financial habits, overcome financial obstacles, and provide accountability and support along the way. Collaborating with professionals can provide a well-rounded approach to your financial well-being. 


Let 2024 be your year to spur your savings and make strides towards your financial goals! 


Genie Officer
Equestrian Money Coach At Spur Your Savings

Genie Officer is the founder and head money and savings coach at Spur Your Savings. With a focus on equestrians and equestrian business owners, Genie helps clients achieve personal money goals, conquer debt, shift their money mindset, and create custom cash flow plans. Connect with Genie to unleash financial freedom in the equestrian world.



Article submitted by Genie Officer.


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